XMR/USD Medium-term Trend: Bearish

Supply zones: $200.00, $210.00, $220.00
Demand zones: $90.00, $80.00, $70.00

XMR continues in the bearish trend in the medium-term outlook. The strong bearish pressure was sustained after the formation of the marubozu candle and broke the predicted $115.60 of yesterday analysis.

Price went further down to $14.47 in the demand area. It is below the two EMAs and the EMAs are fanned apart which implies strength in the context of the trend and in this case the downtrend.

The stochastic oscillator is at 7 percent and its signal is pointing down which implies further downward momentum in price of the cryptocurrency.

As the bearish momentum increases and more candles open and closed below the two EMAs, $109.31 in the demand area may be retested the fourth times by the bears in the medium term.

XMR/USD Short-term Trend: Bearish

The cryptocurrency continues in a bearish trend in the short-term outlook. The bears increased their momentum and took the coin to a new low of $120.08 in the demand area before yesterday close of market.

The 1hour opening candle was bearish and the increased bears' momentum took the cryptocurrency further down to $114.47 in the demand area.

The cryptocurrency opening price was $121.09 compare to yesterday opening at $121.73 which implies more sellers presence to further take the coin down south.

The stochastic oscillator is at 12 percent and its signal is pointing up which implies minor upward momentum in price due to the bulls' pressure may occur as a bullish hammer is seen formed at the demand area.

The overall outlook still favours the bears as the 10-day EMA acts as a strong resistance against upward price movement.

 

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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